Improve Payments With Accounts Payable SolutionsTop Reasons to Automate Accounts Payable
While technology has made Accounts Payable payment automation a standard for a number of corporations, 60 % of businesses in the United States are not aware of the countless benefits associated with A/P automation. Leveraging software programs to utilize the process in manner that is seamless and effortless, here are our top five reasons why you should automate.
Accounts Payable automation enables A/P to accurately project its pending cash specifications, therefore removing guesswork. With greater transparency from A/P automation, awareness into the system allows your A/P department to concentrate on activities and things which will impact your department with value added activities.
Strengthen central controls
A manual A/P process is at risk of fraud. You increase the pitfalls of human oversight, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraud.
The outdated manual practice suffers from insufficient here visibility, by which can result in neglecting to recognize a segment of risks. This could understate expenses thereby overstate revenue, which could result in accounting and reporting malfunctions and ultimately fraud. A/P automation offers a complete audit trail of each part of the process, and lets management to quickly deal with potential troubles.
Your suppliers would like a more efficient payment method. More efficient payments result in discount rates and cost savings for you. If you pay your customers by means check here of virtual credit card, which is an individual issued card for a one-time use, you generate monthly cash back incentives. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a cash generator.
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P errors can be very expensive and take many resources to manually solve. With payment automation, you can see where, when and why problems transpired. Contrary to the manual process, with automation you’ll be able to systematically address and eliminate errors to enhance quality.
A/P payment automation can save you cash, earn you extra earnings, decrease the risks of fraud, bring your operations increased transparency, meet your customers’ needs, and advance the total quality of your A/P processes.